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Passed 68%. Now an affiliate so no more studying for me 🙂 Thank you to the lecturers at Open tuition
Hi chullbulla,
When I do past questions, sometimes I write them out in full to get practise on answering them under exam conditions. Other times I just make rough notes on the answers I would write then check them against the tutors answers so I can get through more past questions in my revision. I don’t find it helpful to go straight to the tutor’s answer without thinking about how I would do it first as when I see the mistakes I’ve made the answers seem to stick in my head better for next time. Specifically for P6, I made notes for the written questions but fully wrote out any computations.
Kirsty
I’m waiting for P6. Last one. Only one week left to wait now. Will have to keep myself busy this week to take my mind off it 🙂
Never tried lsbf. I’ve sat my first exams in June 2014. I was doing two every 6 months for the f papers then for p1-p6 I changed to one exam every three months. Last exam tomorrow 🙂 Everyone studies differently so maybe you will like Kaplan. You could try Kaplan for the first exam then lsbf the next exam? I do think the open tuition lectures are pretty good though. Good luck
Hi,
I have self studied using open tuition and textbooks from F4 up to P3 and I like that you can work at your own pace. I have done Kaplan distance learning for P6 and P7 and it feels too rushed trying to stick to their schedule. The tutors are excellent and if you email them questions they always respond within 1 working day with good explanations. But the schedule was quite tight. If you fall behind you will miss the assignment deadines so you can’t go at your own pace. They teach the course over 8 weeks with 2 weeks dedicated to assignments, so learning the materials in 6 weeks. You are left with about 5 weeks for revision and question practise after that which is good but I feel like I haven’t learned the material properly in the first place. I work full time though so perhaps if you have more time to spend on studying it would be okay for you. P7 wasn’t too bad as I work as an auditor but P6 is a struggle – although it is a massive textbook which could be part of my problem.
Also I did the Premier course which has 4 assignments – I think some of their other packages just have two assignments
Hi,
I’m doing P6 with Kaplan distance learning. Although I think open tuition is better 🙂
Sorry John, didn’t realise only tutors could reply- don’t normally use the forums. I had an email from open tuition asking us to try and answer questions from students that had no responses yet. I just clicked a link and it took me through to a list which included this topic.
Hi
Because Sales tax is one fifth of the net amount and therefore one sixth of the gross amount.
For example:
If net is 5 then sales tax would be 1. Add them together to get the gross of 6. So if gross is six then divide by six to get sales tax of 1.So in your example 2 above you are given sales tax of 40. To get net amount from this you multiply by 5 (answer 200). To get gross amount multiply by 6 (answer 240)
Hope this helps
That looks a really complicated way to learn it. This is how I learned it:
Net amount + Sales Tax = Gross Amount
5/6 1/6 6/6That’s how I figure out sales tax. If I have the gross amount I divide by six to get the sales tax. Then if I then multiply that number by five it gives me the net amount. Hope that helps
Hi Steven,
Receipts will be when you get more (receive) inventory and issues will be when you give out inventory (i.e. a reduction in inventory level). FIFO values inventory issued in the order it was received. So the 9000 issued on 25 June will be assumed to be all 5000 units received on 5th June( as it was first in so is first out) and the remainder of 4000 units comes from the inventory received on the 13th off June.
Calculation:
5,000 units @5.7 = 28,500
+ 4,000 units @ 6.10 = 24,400
28,500 + 24,400 = 52,900Hi,
Cost of sales for the year is purchases less opening stock add closing stock so you need to find these figures.
Closing inventory is given as £390,050
This is a 22% increase on opening inventory so:
Opening inventory is £390,050/1.22 = 319,713There is a mark up of 40% so you need to take this out of revenue to get cost of sales:1,283,853/1.4 = 917,039
Then adjust for opening and closing stock:
917,039 – 319,713 + 390,050 = 987, 374